Health Care

Obamacare Socks Middle Class with $3.9 Billion Tax Increase

| by NCPA

There is one more small detail they forgot to tell you about in the health care bill, says the Washington Examiner: Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes -- in 2019 alone -- because of health care reform, according to the Joint Committee on Taxation, Congress' official scorekeeper for legislation. 

Consider: 

  • The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.
  • Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income (AGI).
  • Starting in 2013, most taxpayers will only be allowed to deducted expenses greater than 10 percent of AGI; older taxpayers are hit by this threshold increase in 2017. 

 

This is worse than a tax on the middle class, says the Examiner.  It's a tax on the middle class who are seriously ill.  And what's the over/under on how many times Obama is going to break that "no taxes on anyone earning under $250,000 a year" pledge, anyway? 

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Source: Mark Hemingway, "Read the bill: ObamaCare socks middle class with $3.9 billion tax increase," Washington Examiner, April 12, 2010. 

For text:

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/read-the-bill-obamacare-socks-middle-class-with-39-billion-tax-increase.html  

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